Sterling trades at low amid high court hearing

Sterling was near a record low in trade-weighted terms yesterday as the start of a High Court hearing on a bid to give MPs more of a say over Britain’s exit from the EU added another layer of uncertainty to the process.

The legal challenge, led by a pro-EU investment fund manager, aims to force the British government to seek parliamentary approval to trigger Article 50, which sets the Brexit clock running.

Traders said the timing and content of the hearing’s outcome were unclear, prompting investors to stay clear of the pound.